Pros: Lots of independence, fun teaching something you're passionate about
Cons: No health care, no idea what next quarter will bring, really annoying Associate Deans
Really, it all boils down to who has the Associate Dean position- and that changes often. I worked for ITT as an instructor for over 5 years and saw 4 people rotate through the Assoc. Dean position. They're the ones who are going to give you next quarter's classes to teach, so it's up to them whether or not you're going to be able to eat that quarter. I had great experiences with 2 of them, one was a horrible experience- he was a micro-manager; the fourth was coming on as I was leaving.
They expect you to stay the entire 4.5 hour class period (which isn't always as easy as it sounds- much of the curricula is extremely easy and it's hard to keep kids engaged for nearly 5 hours).